| SB 0638 | Authorizes state income tax credit for purchase of goods or services from qualified minority business enterprise |
| Sponsor: | Bland | |||
| LR Number: | 2620S.01I | Fiscal Note: | 2620-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 01/06/00 - Referred S Ways & Means Committee | Journal page: | S64 | |
| Title: | ||||
| Effective Date: | August 28, 2000 | |||
SB 638 - This act authorizes a state income tax credit equal to ten percent of all purchases of goods or services from a minority business enterprise which has been approved by the Governor's Commission on Minority Business Development. The credit is limited to one hundred thousand dollars per taxpayer for each taxable year. If the amount of the credit exceeds the taxpayer's tax liability, the difference is refundable. The total amount of the credit which may be taken during any one taxable year is limited to ten million dollars. Knowingly providing goods and services for qualified payments in excess of the limits established by the Commission is a Class A misdemeanor.
The act applies to all taxable years beginning after
December 31, 2000.
DAVID TALLMAN